There are currently three ways to go insolvent in Englandand Walesand you’ll find a summary of them here. If you’re looking for a more comprehensive guide, you can find more insolvency information here http://www.debtadvicenow.co.uk/docs/indebt-web.pdf. Different rules apply to insolvency in Scotland.

When debt becomes too problematic too handle, you can resort to settlement. Yes, it may be easy to say but difficult to do. That is why here are pointers to keep in mind if you are going to embark on the stressful process of negotiating with your creditors.